Declared Dividend • May 26
First quarter dividend of US$1.55 announced Shareholders will receive a dividend of US$1.55. Ex-date: 11th June 2026 Payment date: 25th June 2026 Dividend yield will be 5.0%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 37% over the next 3 years. Since a fall of 14% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 23
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: US$2.51 (up from US$0.15 in 1Q 2025). Revenue: US$714.2m (up 67% from 1Q 2025). Net income: US$559.1m (up US$525.8m from 1Q 2025). Profit margin: 78% (up from 7.8% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is expected to fall by 15% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Board Change • Mar 30
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Maria Papakokkinou was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$1.70 (down from US$2.23 in FY 2024). Revenue: US$1.97b (down 4.2% from FY 2024). Net income: US$379.1m (down 24% from FY 2024). Profit margin: 19% (down from 24% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is expected to fall by 9.6% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Ankündigung • Mar 28
Frontline plc Announces Resignation of Director Richard C. Prince Frontline plc announced that Mr. Richard C. Prince has resigned as Director of the Company. Declared Dividend • Mar 02
Fourth quarter dividend of US$1.03 announced Shareholders will receive a dividend of US$1.03. Ex-date: 11th March 2026 Payment date: 23rd March 2026 Dividend yield will be 2.4%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio). However, it is covered by cash flows (58% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 54% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: US$1.70 (vs US$2.23 in FY 2024) Full year 2025 results: EPS: US$1.70 (down from US$2.23 in FY 2024). Revenue: US$1.97b (down 3.9% from FY 2024). Net income: US$379.1m (down 24% from FY 2024). Profit margin: 19% (down from 24% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr342, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Oil and Gas industry in Norway. Total returns to shareholders of 143% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr484 per share. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr244, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Oil and Gas industry in Norway. Total returns to shareholders of 151% over the past three years. Ankündigung • Dec 09
Frontline plc Approves to Elect Richard C. Prince as Director Frontline plc at 2025 Annual General Meeting held on 8 December 2025 approved to elect Richard C. Prince as a Director of the Company. Declared Dividend • Nov 24
Third quarter dividend of US$0.19 announced Shareholders will receive a dividend of US$0.19. Ex-date: 11th December 2025 Payment date: 23rd December 2025 Dividend yield will be 3.1%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is covered by cash flows (71% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.7% to bring the payout ratio under control. EPS is expected to grow by 99% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Nov 24
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: US$0.18 (down from US$0.27 in 3Q 2024). Revenue: US$432.7m (down 12% from 3Q 2024). Net income: US$40.3m (down 33% from 3Q 2024). Profit margin: 9.3% (down from 12% in 3Q 2024). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is expected to fall by 2.9% p.a. on average during the next 3 years compared to a 4.3% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Declared Dividend • Sep 01
Second quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 11th September 2025 Payment date: 24th September 2025 Dividend yield will be 3.9%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio). However, it is covered by cash flows (64% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. EPS is expected to grow by 189% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 31
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.35 (down from US$0.84 in 2Q 2024). Revenue: US$480.1m (down 14% from 2Q 2024). Net income: US$77.5m (down 59% from 2Q 2024). Profit margin: 16% (down from 34% in 2Q 2024). Revenue exceeded analyst estimates by 46%. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is expected to fall by 8.5% p.a. on average during the next 3 years compared to a 5.4% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr166, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Oil and Gas industry in Norway. Total returns to shareholders of 155% over the past three years. Declared Dividend • May 26
First quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 11th June 2025 Payment date: 26th June 2025 Dividend yield will be 7.0%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (86% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 88% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 23
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.15 (down from US$0.81 in 1Q 2024). Revenue: US$427.9m (down 26% from 1Q 2024). Net income: US$33.3m (down 82% from 1Q 2024). Profit margin: 7.8% (down from 31% in 1Q 2024). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 3.9% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. New Risk • Apr 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (24% net profit margin). Reported Earnings • Apr 08
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$2.23 (down from US$2.95 in FY 2023). Revenue: US$2.05b (up 14% from FY 2023). Net income: US$495.6m (down 25% from FY 2023). Profit margin: 24% (down from 36% in FY 2023). Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is expected to fall by 15% p.a. on average during the next 3 years compared to a 3.4% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 03
Fourth quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 13th March 2025 Payment date: 2nd April 2025 Dividend yield will be 9.5%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.6% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$2.23 (down from US$2.95 in FY 2023). Revenue: US$2.16b (up 20% from FY 2023). Net income: US$495.6m (down 25% from FY 2023). Profit margin: 23% (down from 36% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 3.5% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 28
Frontline plc Declares Dividend for the Fourth Quarter of 2024 Frontline plc declared a cash dividend of $0.20 per share for the fourth quarter of 2024. New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (46% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (27% net profit margin). Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr196, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Norway. Total returns to shareholders of 292% over the past three years. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Orjan Svanevik was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Dec 13
Frontline plc Approves the Election of Directors Frontline plc advised that the 2024 Annual General Meeting of the Shareholders of the Company was held on 12 December 2024. The shareholders approved the election of Ørjan Svanevik and Dr. Maria Papakokkinou as a Director of the Company. Reported Earnings • Nov 28
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.27 (down from US$0.48 in 3Q 2023). Revenue: US$490.4m (up 30% from 3Q 2023). Net income: US$60.5m (down 44% from 3Q 2023). Profit margin: 12% (down from 29% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is expected to fall by 4.9% p.a. on average during the next 3 years compared to a 5.7% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Ankündigung • Nov 28
Frontline plc Declares Dividend for the Third Quarter of 2024, Payable on or About December 31, 2024 The Board of Directors of Frontline plc declared a dividend of $0.34 per share for the third quarter of 2024. The record date for the dividend will be December 11, 2024, the ex-dividend date is expected to be December 11, 2024, for shares listed on the New York Stock Exchange and December 10, 2024, for shares listed on the Oslo Stock Exchange, and the dividend is scheduled to be paid on or about December 31, 2024. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr184, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Oil and Gas industry in Norway. Total returns to shareholders of 286% over the past three years. Ankündigung • Sep 05
Frontline plc Announces the Resignation of Marios Demetriades as Director Frontline plc announced that Mr. Marios Demetriades has resigned as Director of the Company. Declared Dividend • Sep 02
Second quarter dividend of US$0.62 announced Shareholders will receive a dividend of US$0.62. Ex-date: 12th September 2024 Payment date: 2nd October 2024 Dividend yield will be 5.5%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by earnings (72% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 01
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: US$0.84 (down from US$1.04 in 2Q 2023). Revenue: US$556.0m (up 8.4% from 2Q 2023). Net income: US$187.6m (down 19% from 2Q 2023). Profit margin: 34% (down from 45% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 42%. Earnings per share (EPS) missed analyst estimates by 9.3%. Revenue is expected to fall by 2.8% p.a. on average during the next 3 years compared to a 5.3% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 04
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.81 (down from US$0.90 in 1Q 2023). Revenue: US$578.4m (up 16% from 1Q 2023). Net income: US$180.8m (down 9.4% from 1Q 2023). Profit margin: 31% (down from 40% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is expected to fall by 4.0% p.a. on average during the next 3 years compared to a 6.1% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jun 03
Now 21% undervalued Over the last 90 days, the stock has risen 17% to kr292. The fair value is estimated to be kr370, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 61%. For the next 3 years, revenue is forecast to decline by 2.6% per annum. Earnings are forecast to grow by 2.1% per annum over the same time period. Declared Dividend • Jun 02
Fourth quarter dividend of US$0.62 announced Shareholders will receive a dividend of US$0.62. Ex-date: 13th June 2024 Payment date: 2nd July 2024 Dividend yield will be 5.4%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 6.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 13
Now 20% undervalued Over the last 90 days, the stock has risen 18% to kr287. The fair value is estimated to be kr360, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 61%. For the next 3 years, revenue is forecast to decline by 1.3% per annum. Earnings are forecast to grow by 3.1% per annum over the same time period. Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$2.95 (up from US$2.22 in FY 2022). Revenue: US$1.80b (up 26% from FY 2022). Net income: US$656.4m (up 38% from FY 2022). Profit margin: 36% (up from 33% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 5.0%. Revenue is expected to fall by 1.1% p.a. on average during the next 3 years compared to a 5.9% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 61% per year whereas the company’s share price has increased by 59% per year. Declared Dividend • Mar 07
Fourth quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 14th March 2024 Payment date: 3rd April 2024 Dividend yield will be 7.9%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks High level of debt (138% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • Mar 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$2.95 (up from US$2.22 in FY 2022). Revenue: US$1.83b (up 28% from FY 2022). Net income: US$656.4m (up 38% from FY 2022). Profit margin: 36% (up from 33% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 5.0%. Revenue is forecast to stay flat during the next 3 years compared to a 3.0% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 61% per year whereas the company’s share price has increased by 60% per year. Ankündigung • Feb 29
Frontline plc Announces Dividend for the Fourth Quarter of 2023, Payable on or About 27 March, 2024 Frontline plc announced dividend of $0.37 per share for the fourth quarter of 2023. Ex-date is 14 March, 2024. Record date is 15 March, 2024. Payment date is on or about 27 March, 2024. Ankündigung • Dec 13
Frontline plc Elects Cato Stonex as A Director Frontline plc at its AGM held on December 12, 2023, elected Cato Stonex as a Director of the Company. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.30 per share at 6.4% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 03 January 2024. Payout ratio is a comfortable 74% and the cash payout ratio is 82%. Trailing yield: 6.4%. Lower than top quartile of Norwegian dividend payers (8.4%). Lower than average of industry peers (12%). Reported Earnings • Dec 01
Third quarter 2023 earnings: EPS in line with expectations, revenues disappoint Third quarter 2023 results: EPS: US$0.48 (down from US$0.69 in 3Q 2022). Revenue: US$377.5m (down 1.2% from 3Q 2022). Net income: US$107.7m (down 30% from 3Q 2022). Profit margin: 28% (down from 40% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.0% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Nov 30
Frontline plc Announces Dividend for the Third Quarter, 2023, Payable on or About 29 December, 2023 Frontline plc announced dividend of USD 0.30 per share for the third quarter of 2023, Payment date: On or about 29 December, 2023. Due to the implementation of CSDR in Norway, dividends payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about 3 January, 2024. Record date is 15 December, 2023. Ex-date is 14 December, 2023. Last day including right: 13 December, 2023. Date of approval: 29 November, 2023. Ankündigung • Nov 24
CMB NV completed the acquisition of additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO). CMB NV entered into an agreement to acquire additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) for $1 billion on October 9, 2023. The aggregate amount of the purchase price for the sale shares is equal to $1.059 billion at $18.43 per share for 57,479,744 shares. On the date of this Agreement, CMB and its Affiliates directly own an aggregate amount of 50,450,000 Shares and Frontline and Famatown directly own an aggregate amount of 57,479,744 Shares. The purchase price shall be allocated between the Sellers as follows: (i) an amount of $251,838,818 due to Frontline as consideration for the Frontline Shares; and (ii) an amount of $807,512,864 due to Famatown as consideration for the Famatown Shares. Following its acquisition of Euronav shares from Frontline, CMB will own 49.05% of the Company’s issued shares. Euronav holds 8.23% of its shares in treasury. The Share Sale will trigger the requirement for CMB to launch a mandatory takeover offer on all shares of Euronav, at the same price as the Share Sale. Accordingly, all shareholders of Euronav will have the opportunity to sell their shares for the same price at which Frontline will have sold its shares to CMB. In a related transaction, Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion. The Related Party Transactions are conditional upon completion of the Share Sale. In addition, the Fleet Sale and the Share Sale are conditional upon, inter alia, the obtaining of regulatory approvals. The completion of the Share Purchase is subject to merger control approvals and approval by Euronav’s shareholders’ meeting of the conditionality of the Vessel Sale on the completion of the Share Purchase. Completion of the Share Purchase expected in Q4, 2023. As of October 20, 2023, CMB NV invites its shareholders to participate to the Special General Meeting to be held on November 21, 2023. All conditions pursuant to transaction fulfilled including approval by the shareholders of Euronav and anti-trust approvals.DNB Markets, a part of DNB Bank ASA is serving as financial advisor to Frontline. Advokatfirmaet Schjødt AS, Advokatfirmaet Wiersholm AS and Allen & Overy LLP are serving as legal counsel to Frontline in connection with the Acquisition. Computershare Trust Company N.A as transfer agent for its ordinary shares in the United States. Lazard BV/SRL acted as financial advisor to Euronav. CMB NV completed the acquisition of additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) on November 22, 2023. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr228, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Oil and Gas industry in Norway. Total returns to shareholders of 330% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr360 per share. Ankündigung • Oct 11
CMB NV entered into an agreement to acquire additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) for $1 billion. CMB NV entered into an agreement to acquire additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) for $1 billion on October 9, 2023. As per the terms of the transaction, the offer price per share is $18.43 for 57,479,744 shares. Following its acquisition of Euronav shares from Frontline, CMB will own 49.05% of the Company’s issued shares. Euronav holds 8.23% of its shares in treasury. The Share Sale will trigger the requirement for CMB to launch a mandatory takeover offer on all shares of Euronav, at the same price as the Share Sale. Accordingly, all shareholders of Euronav will have the opportunity to sell their shares for the same price at which Frontline will have sold its shares to CMB. In a related transaction, Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion. The Related Party Transactions are conditional upon completion of the Share Sale. In addition, the Fleet Sale and the Share Sale are conditional upon, inter alia, the obtaining of regulatory approvals. The completion of the Share Purchase is subject to merger control approvals and approval by Euronav’s shareholders’ meeting of the conditionality of the Vessel Sale on the completion of the Share Purchase. Completion of the Share Purchase expected in Q4, 2023. Ankündigung • Oct 06
Euronav's Shareholder CMB Offers to Acquire Frontline’s 26.12% Stake Euronav NV (ENXTBR:EURN) shareholder CMB NV is offering to acquire Frontline plc (NYSE:FRO)’s 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, Euronav said in statement. Shares of oil tanker company Euronav jumped around 18% as trading reopened at 1330 GMT. Shares were suspended earlier in the day after spiking on media reports about the company going private. Shares traded at a EUR 14.57 ($15.34) prior to the suspension. The proposed transaction would also involve peer and shareholder Frontline acquiring 24 VLCC tankers from the Euronav fleet for $2.35 billion, Euronav said. “The discussions between the parties are well advanced. However, there can be no certainty that these discussions will lead to an agreement.” The successful completion of the deal would end the arbitration action initiated against Frontline by Euronav in response to the Oslo-traded company’s decision to scrap a $4.2 billion planned merger between both companies, which would have created the world’s largest publicly listed tanker company. Reported Earnings • Sep 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$1.04 (up from US$0.25 in 2Q 2022). Revenue: US$512.8m (up 71% from 2Q 2022). Net income: US$230.7m (up 350% from 2Q 2022). Profit margin: 45% (up from 17% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 51%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 11% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Aug 25
Frontline plc Announces Dividend for the Second Quarter of 2023, Payable on or About September 29, 2023 Frontline plc announced dividend of USD 0.80 per share for the second quarter of 2023, payable on or about September 29, 2023. Due to the implementation of CSDR in Norway, dividends payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about October 3, 2023. Record date is September 15, 2023. Ex-date is September 14, 2023. Last day including right is September 13, 2023. Date of approval is August 23, 2023. Buying Opportunity • Jun 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be kr192, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 37% in 2 years. Earnings is forecast to decline by 21% in the next 2 years. Ankündigung • Jun 25
Frontline plc(NYSE:FRO) dropped from Russell 2000 Dynamic Index Frontline plc(NYSE:FRO) dropped from Russell 2000 Dynamic Index Upcoming Dividend • Jun 08
Upcoming dividend of US$0.70 per share at 8.7% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 8.7%. Within top quartile of Norwegian dividend payers (8.4%). Lower than average of industry peers (13%). Ankündigung • Jun 01
Frontline plc Declares Cash Dividend for the First Quarter of 2023, Payment Date Is on or About 30 June, 2023 Frontline plc declared cash dividend of $0.70 per share for the first quarter of 2023. Ex-date is 15 June, 2023. Record date is 16 June, 2023. Payment date is On or about 30 June, 2023. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: US$0.90 (vs US$0.15 in 1Q 2022) First quarter 2023 results: EPS: US$0.90 (up from US$0.15 in 1Q 2022). Revenue: US$511.6m (up 135% from 1Q 2022). Net income: US$199.6m (up US$168.5m from 1Q 2022). Profit margin: 39% (up from 14% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 9.9% p.a. on average during the next 3 years compared to a 11% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Buying Opportunity • May 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr202, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 9.7% per annum. Earnings is also forecast to decline by 3.8% per annum over the same time period. Buying Opportunity • May 04
Now 21% undervalued Over the last 90 days, the stock is up 4.6%. The fair value is estimated to be kr198, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 9.8% per annum. Earnings is also forecast to decline by 4.3% per annum over the same time period. Reported Earnings • Apr 30
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: US$2.21 (up from US$0.056 loss in FY 2021). Revenue: US$1.43b (up 91% from FY 2021). Net income: US$472.7m (up US$483.9m from FY 2021). Profit margin: 33% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to fall by 9.8% p.a. on average during the next 3 years compared to a 10% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 08
Upcoming dividend of US$1.07 per share at 6.7% yield Eligible shareholders must have bought the stock before 15 March 2023. Payment date: 04 April 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 6.7%. Lower than top quartile of Norwegian dividend payers (7.5%). Lower than average of industry peers (11%). Reported Earnings • Mar 01
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: US$2.21 (up from US$0.056 loss in FY 2021). Revenue: US$1.44b (up 92% from FY 2021). Net income: US$472.7m (up US$483.9m from FY 2021). Profit margin: 33% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to fall by 8.0% p.a. on average during the next 3 years compared to a 10% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr168, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Norway. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr326 per share. Ankündigung • Feb 09
Frontline plc Announces Emergency Arbitration Claims Filed by Euronav Have Been Fully Dismissed by the Emergency Arbitrator Frontline plc, formerly Frontline Ltd. announced that the Emergency Arbitration claims filed by Euronav have been fully dismissed by the Emergency Arbitrator. The decision was issued February 7, 2023, and in addition to fully dismissing the claims, orders Euronav to pay to Frontline all costs of the Emergency Arbitration proceedings, including full compensation for legal costs incurred. This decision strengthens Frontline’s position that its decision to terminate the combination agreement was entirely lawful. Ankündigung • Jan 19
Frontline plc Confirms to Terminate the Combination Agreement with Euronav NV Frontline plc confirmed that it has received from Euronav NV an emergency arbitration request for urgent interim and conservatory measures following Frontline’s decision to terminate the combination agreement as further explained in Frontline’s press release dated 9 January 2023. Frontline is currently analysing this request with its legal advisors. Frontline once again confirms that its decision to terminate the combination agreement was entirely lawful. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 22% share price gain to kr138, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 4x in the Oil and Gas industry in Norway. Total returns to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr258 per share. Ankündigung • Jan 07
Frontline plc, Annual General Meeting, Sep 29, 2023 Frontline plc, Annual General Meeting, Sep 29, 2023, at 15:00 Atlantic Standard Time. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: US$0.69 (vs US$0.17 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.69 (up from US$0.17 loss in 3Q 2021). Revenue: US$384.1m (up 124% from 3Q 2021). Net income: US$154.4m (up US$187.6m from 3Q 2021). Profit margin: 40% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 10.0% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director James O'Shaughnessy was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 20% share price gain to kr136, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Oil and Gas industry in Norway. Total returns to shareholders of 73% over the past three years. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 05 October 2022. Trailing yield: 5.0%. Lower than top quartile of Norwegian dividend payers (7.4%). Lower than average of industry peers (6.0%). Reported Earnings • Aug 25
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: US$0.23 (up from US$0.14 loss in 2Q 2021). Revenue: US$300.7m (up 77% from 2Q 2021). Net income: US$47.1m (up US$73.7m from 2Q 2021). Profit margin: 16% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the next year, revenue is expected to shrink by 15% compared to a 31% growth forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • May 25
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: US$0 (down 100% from 1Q 2021). Net income: US$31.1m (up 7.8% from 1Q 2021). Profit margin: (down from 15% in 1Q 2021). Revenue missed analyst estimates by 2.8%. Board Change • May 05
Less than half of directors are independent Following Director Steen Jakobsen's arrival on 01 May 2022, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director James O'Shaughnessy was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: US$0.056 loss per share (down from US$2.11 profit in FY 2020). Revenue: US$749.4m (down 39% from FY 2020). Net loss: US$11.1m (down 103% from profit in FY 2020). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 44%. Over the next year, revenue is expected to shrink by 21% compared to a 31% growth forecast for the oil industry in Norway. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Board Change • Mar 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director James O'Shaughnessy was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 18
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: US$0.06 loss per share (down from US$2.11 profit in FY 2020). Revenue: US$755.3m (down 38% from FY 2020). Net loss: US$11.1m (down 103% from profit in FY 2020). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 44%. Over the next year, revenue is expected to shrink by 30% compared to a 29% growth forecast for the oil industry in Norway. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Nov 30
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: US$0.17 loss per share (down from US$0.29 profit in 3Q 2020). Revenue: US$172.1m (down 30% from 3Q 2020). Net loss: US$33.2m (down 158% from profit in 3Q 2020). Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 15% compared to a 28% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 19% share price gain to kr78.32, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 7x in the Oil and Gas industry in Norway. Total returns to shareholders of 92% over the past three years. Reported Earnings • Aug 27
Second quarter 2021 earnings released: US$0.13 loss per share (vs US$1.01 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$170.6m (down 56% from 2Q 2020). Net loss: US$26.6m (down 113% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 28
First quarter 2021 earnings released: EPS US$0.15 (vs US$0.87 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$194.0m (down 53% from 1Q 2020). Net income: US$28.9m (down 83% from 1Q 2020). Profit margin: 15% (down from 40% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.